Restaurant Brands New Zealand (ASX:RBD, NZE:RBD) said Finaccess Restauracion made the formal offer to acquire all the ordinary shares in the company that it does not already own for NZ$5.05 per share, according to a Tuesday filing with the Australian and New Zealand bourses.
The offer price represents a 79.6% premium to the company's one-month volume weighted average price, the filing said.
Finaccess's offer is open till Nov.12, and is its final and best offer, the filing added.
The company's independent board committee recommended shareholders not to take action in relation to the offer, the company said.
Restaurant Brands' major shareholder, Accident Compensation, has entered a lock-up deed to accept the offer, the company added.
Shares of the company rose 2% in recent Tuesday trade and earlier hit a 52-week high.